Will My Landlord’s Policy Cover My Belongings?

When you rent versus owning a home, you can save a lot of money. There aren’t that many things to keep up with when you rent. For example, you don’t have to pay for homeowners insurance. But just because your landlord has home insurance, that doesn’t mean you don’t need insurance to protect your belongings in the case of a disaster. While the homeowner’s policy covers the physical dwelling, as a renter, you are responsible to buy your own protection for your valuables. Let a Tackett Insurance Inc. walk you through the details of obtaining renters insurance in Oxford, MS.

Why You Need Renters’ Insurance

Your landlord’s policy doesn’t typically cover your belongings. Instead, you can purchase renters insurance to cover your personal property and other factors.  If your rental home or condo burns down, you would incur a loss for any of your belongings that are lost or destroyed. This doesn’t paint a pretty picture.

Benefits of Renters Insurance Protection

There are many benefits to buying renters insurance to protect you and your guests. Property protection isn’t the only covered item in a renters policy. If you or someone in your home causes accidental damage to another person’s property, your renter’s policy may help you pay for the damages or to replace the item. Also, if a guest in your rental units hurts themselves at a party or event, you won’t have to sweat it if they threaten a lawsuit. Renters insurance can be customized to include liability coverage. The landlord’s insurance policy doesn’t cover any of these examples. 

Make an appointment for a free quote with a qualified Tackett Insurance Inc. agent in Oxford, MS. Let us help you make sure you get the renter’s insurance coverage you need.

Protecting your financial security with an umbrella policy

You may be asking yourself how can an umbrella policy protect my financial security and that is a valid question. Financial security is important to everyone and protecting it is one of the most important things that you can do. One that the agents at Tackett Insurance Inc. in Oxford, MS would be delighted to discuss with you. If you are in the market for insurance of any kind they have the expertise to help you make the choices that are right for you.

For most people, their home is the biggest investment they ever make and as such your home plays an important part in your financial picture. The money you have invested in your home is your nest egg and it is something that you want to protect so that you will be able to use that accumulated wealth at some point. It may be to help fund your children’s college education or it may be your guarantee of a comfortable retirement.

Umbrella insurance is excess liability insurance that gives you protection above and beyond the limits of your home and auto insurance. In the event that a legal case is filed against you, it will give that additional coverage that may be necessary. If you or a member of your household are sued, it is entirely possible that the limit of your normal insurance just might not be enough. Your most important asset might be at risk if you do not have the additional coverage provided by an umbrella policy.

Life is uncertain and bad things do happen. Don’t be a victim. If you live in or near Oxford, MS, talk to the knowledgeable agents at Tackett Insurance Inc. about the valuable protection that an umbrella policy can provide. Don’t put your financial security at risk, an inexpensive umbrella policy can give you the peace of mind you need at a price you can afford.



What to Look for in a Condo Insurance Quote

When looking for a car insurance quote in Oxford, MS, you should have your condo association policy handy so you can make sure you have enough coverage with an agent at Tackett Insurance Inc.

Your policy should fill in the gaps that your condo association policy leaves uncovered. Insurance protection from the master policy can range from a bare walls policy, which may only cover community areas, to an all-in policy, which may cover everything except your personal belongings. A bare walls policy will only cover the walls, ceilings, and floors in the condo, so you will need coverage for fixtures that are in the condo. Fixtures will include wall coverings, appliances, and countertops. All-in policies cover ceilings, walls, and floors, as well as standard fixtures.

The policy should fit your needs. Condo policies will cover standard features that include personal property coverage, building property coverage, personal liability coverage, loss of use coverage, and loss assessment coverage. Beyond the standard coverage, condo insurance polices can also be customized to add a variety of different features for a higher cost. When you shop around you will be able to find features that can suit your needs. You can get extra protection for things like water backup damage or identity theft. If you are planning to rent out your condo, then you want extra coverage to protect your belongings against any damage or theft.

Part of comparing quotes is also comparing rates. You need to make sure that you are comparing similar policies when looking at rates. One of the key factors in determining your rates is the amount of personal property coverage you want to purchase. There may also be discounts that are available to you from certain insurers.

Contact Tackett Insurance Inc. serving Oxford, MS to get a quote on condo insurance. 

Benefits of Life Insurance

It’s easy to ignore the benefits of life insurance in Oxford, MS because no one wants to think about their own death. While term life insurance provides some benefits, many of the significant benefits come from permanent life insurance. An agent at Tackett Insurance, Inc. can help you determine which policy is the right fit.

  • Death Benefits: This is the main reason to get life insurance, and it gives you and your family a protected future. These death benefits can be used to create an inheritance, pay for final expenses, pay for funeral costs, and pay for college for children.
  • Investment Return: When compared to other investment options, life insurance will yield better results. Money invested in life insurance is safe, unlike some other investments, and will be given back once the term is complete.
  • Loan Options: If you are in need of money, many policies will allow you to take a loan out against the policy. The amount for the loan can be taken as a percentage of the cash value or sum that is assured under the policy, depending on different provisions.
  • Assured Income Benefits: Many families rely on a steady income and just having that income disappear can be a huge financial burden. Your family will stay secure with an assured income they are used to receiving. The money can pay for the mortgage and other expenses.
  • Life Stage Planning: Life insurance helps with life stage planning and enables you to plan out your financial goals at your convenience. This insurance can help make sure you have a plan for every stage of life.
  • Riders: Riders are additional benefits that can be added to an insurance policy to provide even more comprehensive protection. Riders can cover family income benefits, personal accidents, or critical illness.  

Contact Tackett Insurance, Inc., serving Oxford, MS, to get a quote on life insurance. 

Keeping Your Doors Open: Why You Need Business Income Coverage

What would you do if your Oxford, MS business suffered a loss that forced you to shut your doors and resulted in income loss? How will you pay your continuing expenses? Business income coverage from Tackett Insurance, Inc. will protect your company against any loss of income resulting in a shutdown to your business operations. Also called business interruption insurance, this coverage may be issued in combination with expanded coverage or in a separate policy. Business interruption insurance is crucial if you want to keep your doors open in the event of a loss.

What Is Considered Business Income? 

Business income is generally regarded as: 

Your net income – This is the income (including profit or loss) your company typically would have brought in before your income taxes are subtracted. 

Your continuing expenses – These are your normal operating expenses you’ll continue to pay after a loss, such as a payroll, electricity, property taxes, and rent. 

What Are My Business Income Coverage Options? 

When purchasing business income coverage for your Tupelo or Oxford, MS business, you have one of three options: 

  • Business Income Including Rental Value  
  • Rental Value Only  
  • Business Income Without Rental Value 

Requirements for Business Income Coverage 

A business income loss for your business will only be covered if all of the following conditions are satisfied: 

  • You suffer income loss 

  • You suffer a physical loss of a covered peril  

  • You are within your scheduled limit  

Suspension During Period of Restoration  

A suspension occurs if due to a covered peril, your business operations and income slow down or cease completely. If you are a landlord and your insurance coverage includes rental value, then a suspension will occur if all or some of the covered premises become uninhabitable due to damage by a covered peril. 

For more information about how to cover your business from income or rental income loss, call the experts at Tackett Insurance, Inc. today. 

Common types of renters insurance.

Often at times, when disaster strikes, it does not matter whether you are a homeowner or renter. According to Tackett Insurance, Inc. in Oxford, MS, as a renter, it is essential to have your personal items protected by purchasing renters insurance to protect your personal property against losses within the rented property. Some people underestimate the value of their property not knowing the how important certain items are.

The common types of renter’s insurance policies include:

1. Coverage for personal property

This type of coverage protects your personal property from loss due to theft, lightning, vandalism, explosion, fire, and any other types of loss. As a renter, it is important to buy enough renters insurance that will cater for replacement of all your personal possessions in case of any loss. You can choose between replacement cost coverage which will provide enough payment for replacement of your possessions or actual cash value coverage which includes a deduction for replacement.

2. Personal liability protection

Personal liability protection provides liability protection against any legal actions for bodily injury or property damage instigated by the renter or any of their family members. The coverage covers lawful justification costs up to the limit of your policy. Also, it includes a no-fault medical coverage as a section of the liability protection which facilitates the bills of an injured person under your rented property.

3. Additional living expenses protection/Loss of use

Loss of use or additional living expense provides coverage for safeguarding against financial risks of an indemnified catastrophe which has made it indispensable to stay somewhere else in the short term while their rental homes are being repaired or rebuilt.

Purchasing renters insurance is always worth the hustle, especially when you consider the value of your items vs. the cost of coverage. At Tackett Insurance, Inc. in Oxford, MS, we are always ready to help you get the protection you need. If you are a tenant looking for this coverage, don’t hesitate to call us. We will be glad to help you and make sure you are covered.

Is umbrella insurance always a necessity?

 Making sure that you are adequately covered by insurance is extremely important. When you were considering your insurance needs, there are many different types of policies that you may need including home, auto, and medical. One additional type of insurance that some people need is umbrella insurance.

Umbrella insurance is a type of liability insurance coverage that is typically on top of the coverage you receive from your home and auto policies. While most people may be OK with the base liability coverage that they receive through their home and auto policies, there are situations in which you may need to have umbrella insurance.

Significant Assets

The first situation in which you should consider having umbrella insurance is if you have significant assets. If you have a high net worth and are a notable person in your community, you are also more at risk of being sued for liability. Because of this, you may want to have a better umbrella insurance policy in place to provide you with protection.

Risk of Items Not Covered

When you have a home and auto insurance policy in place, you will receive some basic liability coverage. However, this coverage often does not include liability coverage for some specific issues. For example, if you are a reporter or author, you will not receive coverage for libel or slander. Because of this, people in these fields should always consider having an additional umbrella insurance policy in place to provide the protection that they need.

If you are in the Oxford, MS area and are curious about your umbrella insurance needs, speaking with the team at Tackett Insurance, Inc. would be a great option. The professionals at Tackett Insurance, Inc. in Oxford, MS will be able to review your situation and give you an honest assessment of your needs for this coverage and help determine how much coverage you should acquire. 

The Pros And Cons Of Condominium Insurance

The agents of Tackett Insurance, Inc. in Oxford, MS are experts in all categories of home insurance and should be consulted before you purchase your home. When you are purchasing your first home, you better know what you are buying. Are you buying a condominium, townhouse, single family home, or a detached condominium? 

An inexperienced real estate agent or an attorney whose area of specialty is not real estate cannot be depended on to determine the right category of home. The time to decide on the right category of a home must be made before closing or buy the property. There are situations where the developer did not follow state regulations and a homeowners association was not established after the last lot in the development was sold. The legal implications are dire if you thought you were buying a condo and ended up buying a townhouse or you thought you were buying a single family home where you owned the land and houses interior and exterior, and then found out that you purchased a detached condominium.

Condominium insurance is unlike homeowners insurance. The condo owner’s policy typically would cover interior walls, personal property, valuables, and appliances. It will also pay for fire and smoke, explosions, wind and hail, theft, vandalism, lightning, and burst pipes, but will not pay for earthquakes, floods, nuclear hazards, damage from birds, rodents and insects, wear and tear, and damage from underground water (such as sewer backups).

Your policy will also protect the condo owner against liability claims if the owner is responsible for a third person’s injury, medical expenses, or property damage, or any legal fees as a result of a lawsuit.

Contact Tackett Insurance, Inc. in Oxford, MS and make an appointment. Please call before you purchase!

5 Ways Life Insurance Benefits Singles

Just because you’re single doesn’t mean you can’t benefit from the financial help that life insurance has to offer. As a single, life insurance from Tackett Insurance, Inc. in Oxford, MS can provide you with the following benefits and more:

Financial Security for Loved Ones   

You may not have a spouse and children, but there are probably people you care about who could benefit from financial assistance if you were to pass on suddenly. Life insurance benefits could help your aging parents in retirement, or younger siblings pay for their college education. Benefits can even go to your favorite charity to help those in need.

Funds to Liquidate Debts

Some debts are automatically liquidated when a person dies. Co-signed debts, however, will need to be paid off. Life insurance benefits can help liquidate co-signed debts such as private student loans, mortgage, joint credit cards, business loans, etc., so your relatives or business partners don’t have to assume this financial burden.

Monetary Help for Business Partner

If you own a business with one or more partners, your sudden demise could leave them in trouble due to depending on your financial investment. Life insurance can act as financial security for your business partners, providing them with the monetary assistance they need to continue the business after you’re gone.

Funds to Pay Funeral Costs 

Life insurance benefits can help cover your funeral costs, so your parents or siblings aren’t burdened with this unforeseen expense upon your demise.  

Security for Future Family

You may not have children now, but that could change in the future. Getting a life insurance policy now will provide financial security for your spouse and kids in the future.

To learn more about life insurance options and costs, talk to an agent from Tackett Insurance, Inc. in Oxford, MS.

Four common types of commercial insurance plans.

Commercial insurance from Tackett Insurance, Inc. in Oxford, MS is the insurance that protects businesses by covering them against losses arising from the damage to property or injury to employees. Usually, it includes property, liability, and workers compensation. Often, this type of insurance varies significantly from business to business because of the disparity and uniqueness. You can get an additional specialized coverage depending on your business, but for a start, a basic commercial policy is a utility.

Below are the four most common types of commercial insurance:

Property insurance

Property insurance plans generally cover damages to your business property that include structures and inventory. However, it might not cover all your property. Which means that you’ll have to purchase an add-on property coverage to cater for other items not included in the basic policy like income coverage, boiler and machinery insurance, crime insurance, builders risk insurance, tenants insurance, and ordinance or law insurance.

Liability insurance

This type of plan covers any detriments that the policyholder causes to third parties. A basic liability insurance plan only covers common risks like injury to customers on your premises, therefore, it is necessary to get a more specialized type of liability insurance to cater for other elements like errors and omission insurance to cater for unintended mistakes which cause injuries to third parties and malpractice insurance, also known as professional liability insurance.

Workers Compensation Insurance

This plan covers your employees if they are hurt in the line of duty. However much you may try to keep your workplace safe, it is difficult to have control over the state of your business completely. Therefore, purchasing a workers compensation policy will be beneficial to your employees since many state laws forbid employees from filing a negligence lawsuit against an employer for injuries connected to work.

Commercial auto insurance

Commercial automobile plans cover trucks, vans, cars, and buses used in your business. In case your driver injures a person or your vehicles are damaged or stolen, the coverage will reimburse you depending on the vehicle type. Premiums for this plan will depend on the risks related to the items you are moving and your business’ driving record.

The cost of commercial insurance policies always vary with the size and risk level of your business. For any legal guidance on what is good for your organization, don’t hesitate to talk to our agents at Tackett insurance, Inc. in Oxford, MS.